NEW YORK STATE CONVENTION CENTER ALBANY

THE NOWISTIME

2011/2012

“New York is open for business.”Governor Andrew M. Cuomo

WHY BUILD A CONVENTION CENTER NOW?

• Once complete, the center will result in nearly 1,000 impacted long-term jobs

• Historically low construction costs and finance rates

• Create 300 high paying construction jobs and for the next two years

• No additional state funds until after the center opens

• To meet the demands of 19 million citizens of New York State

• 180 hospitality industry jobs to coincide with the opening of the center

NOW

VISUALIZE NEW YORK’S FUTURE

RENDERINGRENDERING

FINANCING AT A GLANCE

• ACCA holds the capital cost of developing the Convention Center to the projected value of $220 million or less

• The Albany Convention Center Authority (ACCA) commits its dedicated portion of the revenue from the Albany County Hotel/Motel Occupancy Tax, and all operating revenue from the center when open

• NYS has committed an annual subsidy, currently estimated to be $9 million, beginning after the center opens equal to the annual debt service on the bonds until the bonds are paid at maturity

• The ACCA will issue $157 million in tax-exempt bonds combined with the $63 million balance of the Empire State Development (ESD) Grant

IMPACT ON ALBANY

Albany has long been unable to provide adequate convention and meeting space for organizations and residents looking to conduct business in New York State, specifically the state’s capital. As a result, convention business is going elsewhere. The Capital Region is losing an estimated $20 million in potential business each year.

• Generate $60 million in visitor spending per year

• Fiscal impact: $3.7 million in additional tax revenue

• Reduce downtown parking shortages

• Establish intermodal transportation center in conjunction with Capital District Transit Authority (CDTA)

• Private full-service hotel development

Irving Convention Center at Las Colinas • Opened on January 27, 2011: 90,000 attendees in partial first fiscal year accounted for $1 million in event revenue at more 140 events

• 200,000 attendees projected for 2011-2012 fiscal year with $3.5 million in event revenue

• The positive impact on local restaurant business, and an existing shortage of dining options, has spurred additional restaurant openings

WHAT’S HAPPENED ELSEWHERE

• The success of the convention center permitted the sale of the hotel to a private sector owner; hotel room inventory in the area went from 1,000 to 2,300 rooms due to demand

• Spurred major growth in hotel, retail and restaurant sectors within walking distance of the convention center

• Significant increase in tax revenue for the state and city as a direct result of visitor spending, and from adjacent development, which was a result of convention center events

Rhode Island Convention Center

• From 2006-2010 the convention center hosted 1,100 events, with more than 1.2 million attendees, that booked 148,000 rooms in seven hotels bringing in more than $30 million in total revenue

• The average convention delegate spends $278 per day, and stays 3.6 days, which equates to more than $1,000 spent per delegate

• Convention center is located near the XL Center allowing for synergies with sports events

Connecticut Convention Center

WHAT’S HAPPENED ELSEWHERE

Raleigh Convention Center• In its second year (2009-2010), the venue hosted more than 443,000

attendees at 366 events, with staff salaries of $2.7 million• Also in its second year, the convention center hosted 30% more

events, and 60% more attendees than originally forecasted for a direct economic impact of more than $31 million

• In the summer of 2011, 7,000 people staying in downtown hotels accounted for $2.7 million dollars worth of direct economic impact to the community

• In 2009, the convention center hosted 2.5 million visitors• Growth of six residential developments, with more than 800

residents, have an estimated combined purchasing power of more than $32 million annually

• Between 1998 and 2008, assessed property values increased per square foot by 267% compared to a 22% increase in all of downtown

Greater Columbus Convention Center

WHERE WE ARE TODAY

• Master Planning

• New York's State Environmental Quality Review Act (SEQRA)

• Simplified Plan of Finance

• Environmental Studies

• Building Program

• Site Plan, Survey, Preliminary Utility & Geotech

• Concept Design

• Archeology Phases

• MOU Public Partnering Outline with CDTA for Intermodal/Parking Facility

• MOU with ACCVB in conjunction with website for ramp-up marketing including professional press kit (electronic and hard copy)

• Confirm private hotel and initial developer interests

• Land Acquisition

75%0% 50%25% 100%Percent Complete

Task

WHAT ARE MEETING PLANNERS ASKING?

Sufficient meeting space?

Is there accessible parking &

loading docks?

Will the convention center

be state-of-the-art?

• 60,000 square-feet of dedicated exhibition space• 25, 000 square-feet Main Ballroom with seating

for 3,000• 22,500 square-feet of fully dividable meeting space • LEED® certified technologies• Privately run, full-service nationally known hotel• Attached 1,200 space parking garage• Enclosed connection to Times Union Center and

from the hotel parking at Broadway to the Capitol building

• Convenient access to air/rail/highway• Prime downtown location with proximity to key

Albany landmarks/government/medical facilities, College of Nanoscale Science and Engineering, Rensselaer Polytechnic Institute (RPI), GE, GLOBALFOUNDRIES, Albany Medical Center and St. Peter’s Health Care Services

• Multiple local attractions rich in diverse culture

ALBANY: AN ECONOMIC ENGINE

TIMES UNION CENTER

1990

ALBANY INTERNATIONAL AIRPORT

1998

COLLEGE OF NANOSCALE SCIENCE AND ENGINEERING

2001

ALBANY: THE FUTURE

GLOBALFOUNDRIES

PROJECTED2012

NEW YORK STATE CONVENTION CENTER ALBANY

ENJOY ALL ALBANY HAS TO OFFER

VISIT WORK

MEET

WWW.ACCANY.COM

PLAYTHE POSSIBILITIES ARE NOW